Retirement news: The week in review

A new deferred income annuity from MetLife is designed specifically for the institutional market and is available for qualified defined contribution (DC) retirement plans. Roberta Rafaloff, vice president, institutional income annuities, MetLife’s institutional retirement group, tells PLANSPONSOR the qualified longevity annuity contract (QLAC) is not an investment option. “We like to distinguish annuities from investments; they are insurance,” she says — so the QLAC will be included as a distribution option from the plan. (PlanSponsor)

New mortality tables from the Society of Actuaries (SOA) reveal that participants are living longer, which translates into a longer benefit payout for defined benefit (DB) plan sponsors, according to Michael A. Moran, senior pension strategist at Goldman Sachs Asset Management in New York City. As a result of the new tables, Moran says, some companies have already reported higher liabilities — ranging from 2% or 3% to 7%, 8% or higher. (PlanSponsor)

Some have taken the Supreme Court’s decision in Tibble vs. Edison as paving the way for increased litigation based on the “duty to monitor,” but this is not necessarily the case, according to Russell Hirschhorn, a senior counsel in the ERISA Practice Center and the Labor & Employment Law Department of Proskauer. (PlanSponsor)

Mortgage Rates

Powered by

This advertisement is provided by Bankrate, which compiles rate data from more than 4,800 financial institutions. Bankrate is paid by financial institutions whenever users click on display advertisements or on rate table listings enhanced with features like logos, navigation links, and toll free numbers. Dow Jones receives a share of these revenues when users click on a paid placement.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.